Whilst I’d swap some decent weather for a cold windy winter I still really enjoy this part of the year. As we quickly approach the end of 2015, and especially if you’ve got young children or grandchildren, our minds turn to festive fun, opening presents, enjoying the odd tipple or two and catching spending quality time with friends and family.

For me the end of the year is not only a time to celebrate but also consider what kind of year it’s been. For our businesses it’s been a year of positive steps forward.

We’ve made significant changes and faced challenges with both our organisations but I find myself on the whole being pleased with what we’ve achieved.

Pension freedoms has meant increased demand from new private clients, we’ve continued to help our corporate clients with their needs (both on a consultative basis and using AE in a Box), we continue to build our team of great people and the recent release of my book has meant that 2015 has been pretty positive. 

However whilst the end of the year is a time to look back it’s also a time to look forward. To consider what the upcoming year holds. To consider the future….

To plan for 2016.

The financial world is full of constant and consistent change…

However with all the change occurring in our world of which both excites and scares me more than any other….

The fact that, in 2016, there are hundreds of thousands of employers needing to comply with automatic enrolment with the first time.

Up to now the automatic enrolment challenge has been a relatively easy ride. Large and medium sized employers have complied relatively successfully and whilst smaller businesses have now been staging since June 2015 we are now in a position where purely due to the numbers involved the pressure on a number of elements of the automatic enrolment marketplace truly expands.

For some time we’ve seen signs of pension providers gearing up for these changes. Some pension providers have decided to step out of the automatic enrolment market, some are decidedly more selective on what schemes they’re prepared to accept and some of the main players are changing their pricing structure to accommodate the upcoming market.

The market also has come key challenges for advisers and other professionals in this market. With a recent survey suggesting that 70% of all employers looking to get professional help them with automatic enrolment this means that for those involved helping employers through the process it’ll be a busy time.

However whilst this creates unprecedented opportunity it also creates a challenge. Assuming that 70% of the 1.8 million employers still needing to comply how will professionals cope with this huge influx?

When we look at this challenge it makes sense that the advisers and other professionals who have built decent systems and processes based on servicing a large number of employers will be ready. Others will use platforms specifically built to support them through this process like AE in a Box. Other professionals will choose not to get involved in this marketplace.

Whilst all of these approaches are appropriate there are many who assume the traditional consultancy based model of managing and servicing workplace pensions continue to be appropriate.

For a bunch of reasons this approach is flawed especially when you consider the huge influx of employers coming into the marketplace, their reduced capacity and willingness to pay fees combined the pressure placed on the professionals to help these employers comply. 

However this means that 2016 (and beyond) is both a challenging but hugely exciting place to be…

Are you ready?